Magazine article Mortgage Banking

Veros Finds California and Nevada Dominating Bottom-Five Performing Markets

Magazine article Mortgage Banking

Veros Finds California and Nevada Dominating Bottom-Five Performing Markets

Article excerpt

Santa Ana, California based Veros Real Estate Solutions issued its latest quarterly lore cast on Jan. 5 and found that Bakersfield, California, tops its list of weakest-performing housing markets for the second consecutive quarter. Home prices in Bakersfield are forecast to depreciate by 6.8 percent, according to this latest projection, compared with a 5.5 percent decline projected in third-quarter 2011.

Veros' Future Home Price Index (HPI) projects that the Reno-Sparks, Nevada, housing market will see the next-weakest house price performance with a price decline of 5.7 percent. Following-Reno on the list of projected weakest markets is Las Vegas-Paradise, Nevada, with a forecast price decline of 5.3 percent. The last two markets on this weak-performer list are Sacramento-Arden-Arcade-Roseville, California, and Fresno, California.

Commenting on the latest forecast, Eric Fox, Veros vice president of statistical and economic modeling, said, "Overall, the recovery in the housing market is in line with our previous forecasts, as it is limited to just a few markets and is taking a long time to occur. …

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